I have a mortgage on my property. can I still offer it for rent?
Certainly, the majority of our properties are mortgaged. In fact, many of our clients request that we pay the mortgage or property taxes on their behalf and send the remaining balance to them each month.
I own my property jointly with someone else. Is it possible to split the rental proceeds?
We are happy to accommodate all types of special requests and circumstances. Just inform your property manager of your needs and we will work to find a solution.
When will my funds be released to me?
Rent is collected through the last day of the month, expenses are deducted and the accounting period is closed. Checks and statements are mailed on the 7th day of each month or the first business day thereafter. Likewise, for our direct deposit clients statements are posted online and funds are deposited on the 7th (or first following business day) as well although it make take up to 2 days for your bank to credit your account.
How does rental income factor into my annual tax returns?
CPM provides each our clients with a 1099 for rental income earned at the end of each year. This will be accompanied by a year-end statement detailing and totaling all property related income, expenses and improvements for your annual deductions- allowing you to file your returns with ease.
What is the policy with regards to tenant security deposits?
In order to secure the property and remove the listing from the rental market the tenant must pay a deposit in the amount of one month’s rent as soon as their rental application is approved. This security deposit is held in a non-interest bearing account for the entire term of tenancy in accordance with Florida law. When the tenant has fulfilled the terms of the lease and fully vacated the property the property manager will assess the property’s condition and make a final determination regarding the deposit. Any outstanding rent or damages will be deducted and forwarded to the property owner with the balance returned to the tenant.
What is your policy on renting to tenants with pets?
Each of our owners has the choice whether or not to allow pets to reside at the property. We will gladly enforce your personal requests pertaining to the number, size, breed or types of animals allowed. These restrictions may based on your individual preferences or the policies of you homeowner’s insurance. CPM insists that ALL pets that will reside at the property be disclosed at the time of the application and any future pets must be cleared with the property manager in advance. All pet owners must also pay a one time, non-refundable Pet Fee to the owner of the property for each pet that is approved.
Do I have to provide lawn or pest control services?
Lawn care and pest control services are offered at each owner’s discretion. Many owners prefer the peace of mind of knowing that their property is being cared for by professionals however it is not compulsory. If you choose, CPM will be happy to arrange either service on your behalf or take over payments to your current provider.